21 Novellus Court, 61 South Street, Epsom

Description

A split level flat across the third and fourth floor. Benefitting from a balcony, lift and a parking space. Presented in good decorative order.

Accommodation

Third floor - Entrance hallway, Reception/Kitchen, Bedroom, Bathroom /WC. Fourth floor - Bedroom with en-suite.

Location

The property occupies a convenient location within easy reach of Epsom town centre, which offers a comprehensive range of shops, supermarkets, cafés, restaurants and leisure facilities. The property benefits from excellent road connections via the A24 and A240, with the M25 readily accessible, providing convenient access to Central London, Gatwick Airport and the wider motorway network. Transport National rail - Epson station

Tenure / Property Information

Investment Analysis

The supplied completed sales at Novellus Court range from £192,500 to £210,000 in 2021–2022. A £230,000 sale at the wider 61 South Street address is older, from 2019. The comparables are not confirmed as the same flat and no floor area, service charge or EPC is provided. An evidence-led indicative base GDV of £210,000 is therefore used, with a low scenario of £192,500 and high scenario of £230,000. The £275,000 guide is above the supplied comparable evidence before buyer and seller-related costs.

Investment Snapshot

Strategy Recommendation

Treat as a yield-led, already-tenanted leasehold investment only if the legal pack confirms the tenancy, lease and all charges and the purchase price is materially improved. The supplied evidence does not support a flip or BRRRR purchase at the £275,000 guide.

Works Required

No specific refurbishment works are evidenced. The flat is described as being in good decorative order. Any expenditure should be established from the legal pack, inspection and leasehold information; no refurbishment allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the indicative £210,000 base GDV, 75% refinancing would be approximately £157,500. A complete cash-left-in calculation cannot be supported because refurbishment costs and the buyer premium, VAT position and other charges are not stated. The guide price is already above the base GDV estimate, before acquisition and finance costs.

Buy-to-Let Analysis

The property is occupied under an AST at a stated rent of £2,150 pcm, producing £25,800 per year. This equates to approximately 9.38% gross yield on the £275,000 guide price before buyer fees, finance, service charge, maintenance, management, voids and tax. The rent is passing rent rather than external market evidence, and no sufficiently specific rental comparable was supplied. The guide is materially above the supplied completed-sale evidence.

Flip Analysis

A flip case cannot be reliably established. The indicative base GDV is £210,000 against a £275,000 guide, before works, acquisition costs, finance and resale costs. No supported selling allowance has been supplied, so flip surplus is not calculated.

Investor Risks & Due Diligence

• The £275,000 guide exceeds the supplied completed-sale range for Novellus Court.

• The buyer premium amount is not stated and VAT or seller-related charges may apply.

• The property is occupied under an AST, so tenancy terms, compliance and vacant possession position require verification.

• The lease is leasehold and service charge, ground rent and remaining lease obligations are not supplied.

• The stated £2,150 pcm is passing rent, not independently verified market rent.

• EPC, council tax, heating information and floor area are not supplied.

• The supplied comparable sales are from 2019 to 2022 and are not confirmed as the same flat.

Recommendation

Treat as a yield-led, already-tenanted leasehold investment only if the legal pack confirms the tenancy, lease and all charges and the purchase price is materially improved. The supplied evidence does not support a flip or BRRRR purchase at the £275,000 guide.

Strategy Rating

Analysis Confidence

The passing rent, tenure, tenancy start date, lease term and several completed sales are supplied. However, the comparables are not confirmed as the same unit, rental market evidence is absent, and buyer fees, service charges, EPC, floor area, condition costs and other property charges are unknown.